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\begin{document}

\begin{figure}[h!]
	\centering
    \includegraphics{figures/fig1.eps}
	\smallskip
	\caption{\textbf{Observed vs. predicted risk premium.} The figure plots expected excess returns (discount margin - expected actuarial loss) on sample cat bonds between 2003 and 2018 against their predicted values from a single-factor intermediary model. Bonds' cat market betas are estimated from 500,000 years of simulated disaster data, and each dot represents a single cat bond observation in the end of June of a given year.}
\end{figure}

\begin{figure}
	\centering
	\begin{subfigure}[t]{\textwidth}
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		\includegraphics{figures/fig2_a.eps}
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	\begin{subfigure}[t]{\textwidth}
		\centering
		\includegraphics{figures/fig2_b.eps}
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	\caption{\textbf{Cumulative excess returns on selected indices.} The first plot presents the excess returns of the Swiss Re Global Cat Bond Total Return Index ($R^e_{cat}$), the excess returns of the Eurekahedge ILS Advisers Index net of fees ($R^e_{cat,manager}$), and the regression coefficient and $R^2$ from a contemporaneous regression of the former on the latter. The second plot shows similar series for $R^e_{cat}$, CRSP value weighted index ($R^e_{equity}$), and Bloomberg Barclays U.S. Corporate High Yield Total Return Index ($R^e_{hy\,bonds}$). Return series for $R^e_{cat\,manager}$ begins in Jan 2006 and is adjusted to start at the same level as $R^e_{cat}$. Dashed vertical lines indicate notable natural disasters and shaded areas U.S. recessions.}	
\end{figure}


\begin{figure}
	\centering
	\begin{subfigure}[t]{\textwidth}
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		\includegraphics{figures/fig3.eps}
		\caption{}
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	\begin{subfigure}[t]{\textwidth}
		\centering
		\includegraphics{figures/fig3_b.eps}
		\caption{}
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	\caption{\textbf{Time series evolution of price of natural disaster risk.} Panel (a) plots observed and predicted premium on natural disaster risk, where coefficient of relative risk aversion $\hat{\rho}$=4.6. $R^e_{cat}$ is return on cat market factor portfolio, $Size_t$ is the size of the market, and $AUM_t$ is total assets under management of the specialist funds in year $t$. Shaded regions indicate years (starting in July) during which qualifying loss events occurred. Panel (b) plots the two components of observed premium separately.}
\end{figure}

\begin{figure}
	\centering
	\includegraphics{figures/fig4.eps}
	\smallskip
	\caption{\textbf{Impulse-responses of selected macroeconomic variables to natural disasters occurring in year 0.} Shaded region shows 95\% confidence interval on the estimates. Standard errors are clustered by year. Sample includes 13 developed countries from 1950 to 2020.}
\end{figure}

\begin{figure}[p]
	\centering
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		\includegraphics{figures/fig5_a.eps}
		\caption{}
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	\begin{subfigure}[t]{\textwidth}
		\centering
		\includegraphics{figures/fig5_b.eps}
		\caption{}
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	\caption{\textbf{Time series evolution of price of cyclone and earthquake risks.} Panel (a) plots observed premium on portfolios of catastrophe bonds that are only exposed to cyclone and earthquake risks, respectively. Shaded regions indicate years (starting in July) during which qualifying loss events occurred. Panel (b) plots the expected returns on these portfolios.}
\end{figure}

\input{tables/table1}

\input{tables/table2}

\input{tables/table3}

\input{tables/table4}

\input{tables/table5}

\input{tables/table6_corr}

\input{tables/table6_pricing}

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